What is Biogen Inc's earnings per share (EPS)?

Biogen Inc (BIIB) reported diluted earnings per share of $8.79 for fiscal year 2025. This represents a -21.4% change compared to the previous fiscal year. EPS represents the portion of a company's net income allocated to each outstanding share of common stock and is widely used to evaluate profitability on a per-share basis.

Biogen Inc Financials

BIIB

Source SEC Filings (10-K/10-Q) Updated Dec 31, 2025 Currency USD FYE December

This page shows Biogen Inc (BIIB) financial statements, including the income statement, balance sheet, cash flow statement, and key financial ratios. View 19 years of annual fundamentals and quarterly data, with year-over-year growth rates and compound annual growth rates (CAGR). All figures are derived from SEC filings (10-K and 10-Q reports).

Financial Health Signals

Financial Profile 57/100

Based on FY2025 annual data. Scores normalized against common benchmarks. How we calculate these scores

Growth

Biogen Inc's revenue grew a modest 2.2% year-over-year to $9.9B. This slow but positive growth earns a score of 37/100.

Leverage

Biogen Inc carries a low D/E ratio of 0.34, meaning only $0.34 of long-term debt for every $1 of shareholders' equity. This conservative leverage earns a score of 95/100, indicating a strong balance sheet with room for future borrowing.

Liquidity

Biogen Inc's current ratio of 2.68 indicates adequate short-term liquidity, earning a score of 51/100. The company can meet its near-term obligations, though with limited headroom.

Cash Flow

Biogen Inc converts 20.7% of revenue into free cash flow ($2.1B). This strong cash generation earns a score of 77/100.

Returns

Biogen Inc generates a 7.1% ROE, indicating limited profit relative to shareholders' investment. This results in a returns score of 27/100. This is down from 9.8% the prior year.

Piotroski F-Score Neutral

4/9

Biogen Inc passes 4 of 9 financial strength tests. 3 of 4 profitability signals pass, 1 of 3 leverage/liquidity signals pass, neither operating efficiency signal passes.

Earnings Quality Cash-Backed

1.71x

For every $1 of reported earnings, Biogen Inc generates $1.71 in operating cash flow ($2.2B OCF vs $1.3B net income). This indicates profits are well-supported by actual cash generation, not accounting adjustments.

Key Financial Metrics

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Earnings & Revenue

Revenue

$9.9B

YoY+2.2%

5Y CAGR-6.0%

10Y CAGR-0.8%

Biogen Inc generated $9.9B in revenue in fiscal year 2025. This represents an increase of 2.2% from the prior year.

EBITDA

N/A

Net Income

$1.3B

YoY-20.8%

5Y CAGR-20.2%

10Y CAGR-9.6%

Biogen Inc reported $1.3B in net income in fiscal year 2025. This represents a decrease of 20.8% from the prior year.

EPS (Diluted)

$8.79

YoY-21.4%

5Y CAGR-18.7%

10Y CAGR-5.4%

Biogen Inc earned $8.79 per diluted share (EPS) in fiscal year 2025. This represents a decrease of 21.4% from the prior year.

Cash & Balance Sheet

Free Cash Flow

$2.1B

YoY-24.7%

5Y CAGR-11.6%

10Y CAGR-4.6%

Biogen Inc generated $2.1B in free cash flow in fiscal year 2025, representing cash available after capex. This represents a decrease of 24.7% from the prior year.

Cash & Debt

$3.0B

YoY+26.7%

5Y CAGR+17.7%

10Y CAGR+8.7%

Biogen Inc held $3.0B in cash against $6.3B in long-term debt as of fiscal year 2025.

Dividends Per Share

N/A

Shares Outstanding

147M

YoY+0.3%

5Y CAGR-0.7%

10Y CAGR-3.9%

Biogen Inc had 147M shares outstanding in fiscal year 2025. This represents an increase of 0.3% from the prior year.

Margins & Returns

Gross Margin

75.7%

YoY-0.4pp

5Y CAGR-10.9pp

10Y CAGR-12.8pp

Biogen Inc's gross margin was 75.7% in fiscal year 2025, indicating the percentage of revenue retained after direct costs. This is down 0.4 percentage points from the prior year.

Operating Margin

N/A

Net Margin

13.1%

YoY-3.8pp

5Y CAGR-16.7pp

10Y CAGR-19.9pp

Biogen Inc's net profit margin was 13.1% in fiscal year 2025, showing the share of revenue converted to profit. This is down 3.8 percentage points from the prior year.

Return on Equity

7.1%

YoY-2.7pp

5Y CAGR-30.3pp

10Y CAGR-30.8pp

Biogen Inc's ROE was 7.1% in fiscal year 2025, measuring profit generated per dollar of shareholder equity. This is down 2.7 percentage points from the prior year.

Capital Allocation

R&D Spending

$1.8B

YoY-10.2%

5Y CAGR-14.9%

10Y CAGR-1.2%

Biogen Inc invested $1.8B in research and development in fiscal year 2025. This represents a decrease of 10.2% from the prior year.

Share Buybacks

N/A

Capital Expenditures

$153.8M

YoY+0.1%

5Y CAGR-18.4%

10Y CAGR-13.3%

Biogen Inc invested $153.8M in capex in fiscal year 2025, funding long-term assets and infrastructure. This represents an increase of 0.1% from the prior year.

BIIB Income Statement

Metric	FY25	FY24	FY23	FY22	FY21	FY20
Revenue	$9.9B+2.2%	$9.7B-1.6%	$9.8B-3.3%	$10.2B-7.4%	$11.0B-18.3%	$13.4B
Cost of Revenue	$2.4B+4.1%	$2.3B-8.8%	$2.5B+11.2%	$2.3B+8.0%	$2.1B+16.9%	$1.8B
Gross Profit	$7.5B+1.6%	$7.4B+0.9%	$7.3B-7.5%	$7.9B-11.0%	$8.9B-23.8%	$11.6B
R&D Expenses	$1.8B-10.2%	$2.0B-19.0%	$2.4B+9.6%	$2.2B-10.8%	$2.5B-37.3%	$4.0B
SG&A Expenses	$2.4B+1.2%	$2.4B-5.7%	$2.5B+6.1%	$2.4B-10.1%	$2.7B+6.8%	$2.5B
Operating Income	N/A	N/A	N/A	N/A	$2.8B-37.6%	$4.6B
Interest Expense	$267.5M+6.9%	$250.3M+1.4%	$246.9M+0.1%	$246.6M-2.8%	$253.6M+14.0%	$222.5M
Income Tax	$263.6M-3.7%	$273.8M+102.4%	$135.3M-78.6%	$632.8M+1105.3%	$52.5M-94.7%	$992.3M
Net Income	$1.3B-20.8%	$1.6B+40.6%	$1.2B-61.9%	$3.0B+95.8%	$1.6B-61.1%	$4.0B
EPS (Diluted)	$8.79-21.4%	$11.18+40.3%	$7.97-61.8%	$20.87+100.7%	$10.40-58.1%	$24.80

Metric	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24	Q1'24
Revenue	$2.3B-10.1%	$2.5B-4.2%	$2.6B+8.8%	$2.4B-1.0%	$2.5B-0.5%	$2.5B0.0%	$2.5B+7.6%	$2.3B
Cost of Revenue	$495.5M-26.5%	$674.4M+11.5%	$605.0M-3.9%	$629.3M+7.8%	$583.5M-8.6%	$638.7M+17.0%	$546.0M+0.7%	$542.2M
Gross Profit	$1.8B-4.1%	$1.9B-8.8%	$2.0B+13.3%	$1.8B-3.7%	$1.9B+2.4%	$1.8B-4.8%	$1.9B+9.8%	$1.7B
R&D Expenses	$509.4M+16.8%	$436.1M+9.3%	$399.0M-8.1%	$434.1M-15.4%	$513.3M-0.6%	$516.2M+2.1%	$505.4M+13.5%	$445.4M
SG&A Expenses	$682.5M+14.7%	$594.8M+1.9%	$583.8M+2.0%	$572.5M-15.8%	$680.0M+15.6%	$588.4M+6.2%	$553.8M-4.8%	$581.5M
Operating Income	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Interest Expense	$67.5M+0.1%	$67.4M-7.2%	$72.6M+21.0%	$60.0M0.0%	$60.0M+0.3%	$59.8M-2.4%	$61.3M-11.4%	$69.2M
Income Tax	-$7.1M-107.8%	$90.8M-16.8%	$109.2M+54.5%	$70.7M+185.1%	$24.8M-60.3%	$62.5M-45.7%	$115.1M+61.2%	$71.4M
Net Income	-$48.9M-110.5%	$466.5M-26.5%	$634.8M+164.0%	$240.5M-9.8%	$266.7M-31.4%	$388.5M-33.4%	$583.6M+48.3%	$393.4M
EPS (Diluted)	N/A	$3.17-26.8%	$4.33+164.0%	$1.64	N/A	$2.66-33.5%	$4.00+48.1%	$2.70

BIIB Balance Sheet

Metric	FY25	FY24	FY23	FY22	FY21	FY20
Total Assets	$29.4B+5.0%	$28.0B+4.5%	$26.8B+9.3%	$24.6B+2.8%	$23.9B-3.0%	$24.6B
Current Assets	$9.0B+20.3%	$7.5B+8.7%	$6.9B-29.9%	$9.8B+24.6%	$7.9B+14.1%	$6.9B
Cash & Equivalents	$3.0B+26.7%	$2.4B+126.2%	$1.0B-69.3%	$3.4B+51.2%	$2.3B+69.9%	$1.3B
Inventory	$2.2B-11.9%	$2.5B-2.6%	$2.5B+88.0%	$1.3B-0.5%	$1.4B+26.5%	$1.1B
Accounts Receivable	$1.3B-4.4%	$1.4B-15.6%	$1.7B-2.4%	$1.7B+10.0%	$1.5B-19.0%	$1.9B
Goodwill	$6.5B+0.2%	$6.5B+4.2%	$6.2B+8.2%	$5.7B-0.2%	$5.8B0.0%	$5.8B
Total Liabilities	$11.2B-1.3%	$11.3B-5.9%	$12.0B+7.9%	$11.2B-13.6%	$12.9B-7.3%	$13.9B
Current Liabilities	$3.3B-39.4%	$5.5B+61.0%	$3.4B+4.9%	$3.3B-23.9%	$4.3B+14.9%	$3.7B
Long-Term Debt	$6.3B+38.3%	$4.5B-33.0%	$6.8B+8.1%	$6.3B+0.1%	$6.3B-15.5%	$7.4B
Total Equity	$18.3B+9.2%	$16.7B+13.0%	$14.8B+10.5%	$13.4B+23.0%	$10.9B+1.8%	$10.7B
Retained Earnings	$20.6B+6.7%	$19.3B+9.3%	$17.6B+7.1%	$16.5B+18.4%	$13.9B-0.5%	$14.0B

Metric	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24	Q1'24
Total Assets	$29.4B+0.8%	$29.2B+3.1%	$28.3B+1.1%	$28.0B-0.1%	$28.0B-0.9%	$28.3B+5.6%	$26.8B+0.9%	$26.6B
Current Assets	$9.0B+0.4%	$8.9B+12.2%	$8.0B+4.5%	$7.6B+2.3%	$7.5B+9.2%	$6.8B-3.9%	$7.1B+5.2%	$6.8B
Cash & Equivalents	$3.0B-22.1%	$3.9B+40.0%	$2.8B+6.2%	$2.6B+9.4%	$2.4B+39.8%	$1.7B-11.0%	$1.9B+77.7%	$1.1B
Inventory	$2.2B-1.9%	$2.2B-2.9%	$2.3B0.0%	$2.3B-7.6%	$2.5B-0.4%	$2.5B-1.5%	$2.5B-0.4%	$2.5B
Accounts Receivable	$1.3B	N/A	N/A	N/A	$1.4B	N/A	N/A	N/A
Goodwill	$6.5B0.0%	$6.5B0.0%	$6.5B+0.2%	$6.5B0.0%	$6.5B-0.1%	$6.5B+4.1%	$6.2B0.0%	$6.2B
Total Liabilities	$11.2B+1.7%	$11.0B+2.8%	$10.7B-3.2%	$11.1B-2.5%	$11.3B-5.2%	$12.0B+9.5%	$10.9B-3.9%	$11.4B
Current Liabilities	$3.3B+1.8%	$3.3B+3.3%	$3.2B-39.9%	$5.3B-4.2%	$5.5B+1.9%	$5.4B+74.5%	$3.1B-3.6%	$3.2B
Long-Term Debt	$6.3B0.0%	$6.3B0.0%	$6.3B+38.1%	$4.5B0.0%	$4.5B0.0%	$4.5B-27.8%	$6.3B0.0%	$6.3B
Total Equity	$18.3B+0.3%	$18.2B+3.3%	$17.6B+3.9%	$17.0B+1.6%	$16.7B+2.2%	$16.4B+3.0%	$15.9B+4.4%	$15.2B
Retained Earnings	$20.6B-0.2%	$20.6B+2.3%	$20.1B+3.3%	$19.5B+1.2%	$19.3B+1.4%	$19.0B+2.1%	$18.6B+3.2%	$18.0B

BIIB Cash Flow Statement

Metric	FY25	FY24	FY23	FY22	FY21	FY20
Operating Cash Flow	$2.2B-23.3%	$2.9B+85.9%	$1.5B+11.8%	$1.4B-62.0%	$3.6B-13.9%	$4.2B
Capital Expenditures	$153.8M+0.1%	$153.7M-44.5%	$277.0M+15.3%	$240.3M-6.9%	$258.1M-39.2%	$424.8M
Free Cash Flow	$2.1B-24.7%	$2.7B+114.3%	$1.3B+11.0%	$1.1B-66.2%	$3.4B-11.1%	$3.8B
Investing Cash Flow	-$1.4B-71.6%	-$799.2M+80.5%	-$4.1B-360.1%	$1.6B+379.7%	-$563.7M+7.4%	-$608.6M
Financing Cash Flow	-$301.9M+55.8%	-$683.5M-557.8%	$149.3M+108.5%	-$1.7B+16.2%	-$2.1B+60.4%	-$5.3B
Dividends Paid	N/A	N/A	N/A	N/A	N/A	N/A
Share Buybacks	N/A	$0	$0-100.0%	$750.0M-58.3%	$1.8B-73.1%	$6.7B

Metric	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24	Q1'24
Operating Cash Flow	$511.9M-59.8%	$1.3B+690.9%	$160.9M-37.9%	$259.3M-65.9%	$760.9M-18.7%	$935.6M+49.5%	$625.8M+13.1%	$553.2M
Capital Expenditures	$43.9M-5.0%	$46.2M+73.7%	$26.6M-28.3%	$37.1M-5.6%	$39.3M+12.3%	$35.0M+4.5%	$33.5M-27.0%	$45.9M
Free Cash Flow	$468.0M-61.8%	$1.2B+813.1%	$134.3M-39.6%	$222.2M-69.2%	$721.6M-19.9%	$900.6M+52.1%	$592.3M+16.8%	$507.3M
Investing Cash Flow	-$1.2B-3409.1%	-$35.1M+38.4%	-$57.0M-20.5%	-$47.3M-154.3%	-$18.6M+98.4%	-$1.2B-353.2%	$466.5M+806.8%	-$66.0M
Financing Cash Flow	-$137.0M-5.2%	-$130.2M-1012.8%	-$11.7M+49.1%	-$23.0M-391.1%	$7.9M+219.7%	-$6.6M+97.3%	-$245.2M+44.2%	-$439.6M
Dividends Paid	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Share Buybacks	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A

BIIB Financial Ratios

Metric	FY25	FY24	FY23	FY22	FY21	FY20
Gross Margin	75.7%-0.4pp	76.1%+1.9pp	74.2%-3.4pp	77.6%-3.2pp	80.8%-5.8pp	86.6%
Operating Margin	N/A	N/A	N/A	N/A	25.9%-8.0pp	33.8%
Net Margin	13.1%-3.8pp	16.9%+5.1pp	11.8%-18.1pp	29.9%+15.8pp	14.2%-15.6pp	29.8%
Return on Equity	7.1%-2.7pp	9.8%+1.9pp	7.8%-14.9pp	22.7%+8.5pp	14.3%-23.1pp	37.4%
Return on Assets	4.4%-1.4pp	5.8%+1.5pp	4.3%-8.1pp	12.4%+5.9pp	6.5%-9.7pp	16.3%
Current Ratio	2.68+1.3	1.35-0.6	2.00-1.0	2.99+1.2	1.83-0.0	1.84
Debt-to-Equity	0.34+0.1	0.27-0.2	0.46-0.0	0.47-0.1	0.58-0.1	0.69
FCF Margin	20.7%-7.4pp	28.1%+15.2pp	12.9%+1.7pp	11.3%-19.5pp	30.8%+2.5pp	28.3%

Metric	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24	Q1'24
Gross Margin	78.3%+4.9pp	73.4%-3.7pp	77.1%+3.0pp	74.1%-2.1pp	76.2%+2.1pp	74.1%-3.7pp	77.8%+1.5pp	76.3%
Operating Margin	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Net Margin	-2.1%-20.5pp	18.4%-5.6pp	24.0%+14.1pp	9.9%-1.0pp	10.9%-4.9pp	15.8%-7.9pp	23.7%+6.5pp	17.2%
Return on Equity	-0.3%-2.8pp	2.6%-1.0pp	3.6%+2.2pp	1.4%-0.2pp	1.6%-0.8pp	2.4%-1.3pp	3.7%+1.1pp	2.6%
Return on Assets	-0.2%-1.8pp	1.6%-0.6pp	2.2%+1.4pp	0.9%-0.1pp	0.9%-0.4pp	1.4%-0.8pp	2.2%+0.7pp	1.5%
Current Ratio	2.68-0.0	2.72+0.2	2.50+1.1	1.44+0.1	1.35+0.1	1.26-1.0	2.29+0.2	2.10
Debt-to-Equity	0.340.0	0.35-0.0	0.36+0.1	0.270.0	0.270.0	0.28-0.1	0.40-0.0	0.41
FCF Margin	20.5%-27.8pp	48.4%+43.3pp	5.1%-4.1pp	9.1%-20.3pp	29.4%-7.1pp	36.5%+12.5pp	24.0%+1.9pp	22.1%

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Frequently Asked Questions

What is Biogen Inc's annual revenue?

Biogen Inc (BIIB) reported $9.9B in total revenue for fiscal year 2025. This represents a 2.2% change compared to the previous fiscal year. Revenue measures the total income earned from the company's primary business operations before any expenses are deducted.

How fast is Biogen Inc's revenue growing?

Biogen Inc (BIIB) revenue grew by 2.2% year-over-year, from $9.7B to $9.9B in fiscal year 2025.

Is Biogen Inc profitable?

Yes, Biogen Inc (BIIB) reported a net income of $1.3B in fiscal year 2025, with a net profit margin of 13.1%.

How much debt does Biogen Inc have?

As of fiscal year 2025, Biogen Inc (BIIB) had $3.0B in cash and equivalents against $6.3B in long-term debt.

What is Biogen Inc's gross margin?

Biogen Inc (BIIB) had a gross margin of 75.7% in fiscal year 2025, indicating the percentage of revenue retained after direct costs of goods sold.

What is Biogen Inc's net profit margin?

Biogen Inc (BIIB) had a net profit margin of 13.1% in fiscal year 2025, representing the share of revenue converted into profit after all expenses.

What is Biogen Inc's return on equity (ROE)?

Biogen Inc (BIIB) has a return on equity of 7.1% for fiscal year 2025, measuring how efficiently the company generates profit from shareholder equity.

What is Biogen Inc's free cash flow?

Biogen Inc (BIIB) generated $2.1B in free cash flow during fiscal year 2025. This represents a -24.7% change compared to the previous fiscal year. Free cash flow represents the cash a company generates after accounting for capital expenditures, and is widely used to assess financial flexibility and shareholder value.

What is Biogen Inc's operating cash flow?

Biogen Inc (BIIB) generated $2.2B in operating cash flow during fiscal year 2025, representing cash generated from core business activities.

What are Biogen Inc's total assets?

Biogen Inc (BIIB) had $29.4B in total assets as of fiscal year 2025, including both current and long-term assets.

What are Biogen Inc's capital expenditures?

Biogen Inc (BIIB) invested $153.8M in capital expenditures during fiscal year 2025, funding long-term assets and infrastructure.

How much does Biogen Inc spend on research and development?

Biogen Inc (BIIB) invested $1.8B in research and development during fiscal year 2025.

How many shares does Biogen Inc have outstanding?

Biogen Inc (BIIB) had 147M shares outstanding as of fiscal year 2025.

What is Biogen Inc's current ratio?

Biogen Inc (BIIB) had a current ratio of 2.68 as of fiscal year 2025, which is generally considered healthy.

What is Biogen Inc's debt-to-equity ratio?

Biogen Inc (BIIB) had a debt-to-equity ratio of 0.34 as of fiscal year 2025, measuring the company's financial leverage by comparing total debt to shareholder equity.

What is Biogen Inc's return on assets (ROA)?

Biogen Inc (BIIB) had a return on assets of 4.4% for fiscal year 2025, measuring how efficiently the company uses its assets to generate profit.

What is Biogen Inc's Piotroski F-Score?

Biogen Inc (BIIB) has a Piotroski F-Score of 4 out of 9, indicating neutral financial health. The F-Score evaluates nine binary signals across profitability (positive ROA, positive cash flow, improving ROA, earnings quality), leverage (decreasing debt, improving liquidity, no share dilution), and operating efficiency (improving gross margin, improving asset turnover). Scores of 7–9 indicate strong and improving fundamentals. Learn more in our complete guide to financial health indicators.

Are Biogen Inc's earnings high quality?

Biogen Inc (BIIB) has an earnings quality ratio of 1.71x, considered cash-backed (high quality). This ratio compares operating cash flow to net income. A ratio above 1.0x means the company generates more cash than its reported earnings, indicating sustainable, cash-backed profits. Ratios below 1.0x suggest earnings rely on accounting accruals rather than actual cash generation. Learn more in our complete guide to financial health indicators.

How financially healthy is Biogen Inc?

Biogen Inc (BIIB) scores 57 out of 100 on our Financial Profile, indicating moderate overall financial health. This composite score evaluates six dimensions: profitability (operating margin), revenue growth, leverage (debt-to-equity), liquidity (current ratio), cash flow quality (free cash flow margin), and shareholder returns (return on equity). Each dimension is normalized against standard financial benchmarks. Learn more in our complete guide to financial health indicators.